Recent Developments and Applications Propel Global Operational Technology Market Growth

Global operational technology market is anticipated to grow at a CAGR of 6.5% during the forecast period (2024-2031). Operational Technology (OT) is utilized in a range of industries for monitoring, controlling, and optimizing operations, with applications in manufacturing and industrial automation, energy and utilities, transportation, healthcare, oil and gas, chemical industries, building management, and water and wastewater management. 

Browse the full report description of “Operational Technology Market Size, Share & Trends Analysis Report by Component (Human-Machine Interface, and Control Systems), by Networking Technology (Wired, and Wireless), and by Industry (Process Industry, and Discrete Industry) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/operational-technology-market

OT systems facilitate real-time monitoring and control of processes through technologies such as Process Control Systems (PCS), Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controllers (PLC), Distributed Control Systems (DCS), robotics, and automation. These systems support predictive maintenance, energy management, fire and safety systems, access control, and surveillance, enhancing the efficiency and safety of various sectors. Additionally, OT applications enable real-time energy usage monitoring, remote control of critical infrastructure like power plants and gas pipelines, and when integrated with IoT, they can significantly improve operational efficiency and reduce downtime.

Recent Market Developments

• In August 2024, Fortinet updated its OT security platform, offering enhanced secure networking and security operations capabilities. The platform includes enhanced asset identification and network topology, virtual patching capabilities, and two rugged switches. The company enables secure remote access, while FortiExtender Vehicle update provides a ruggedized form factor for fleet management and secure LAN extension from remote FortiGate Next-Generation Firewalls. 

• In June 2024, Palo Alto Networks has been named a Leader in The Forrester Wave Operational Technology Security Solutions, showcasing its seamless integration of IT and OT in a comprehensive platform. The report emphasizes Palo Alto Networks' ability to simplify security operations, offer advanced features, and provide an integrated platform for multiple use cases.

• In April 2023, Trustwave launched an OT Security Maturity Diagnostic Offering, focusing on industrial automation and control systems. The service assesses an organization's current OT security, aiming to reduce third-party risk, improve compliance, and maintain uptime, a response to the growing threat of IT and OT convergence.

• In September 2023, Mission Secure launched a ransomware defense solution for OT and ICS networks, designed for swift implementation and risk reduction, thereby preventing malicious code spread.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Component

o By  Networking Technology

o By  Industry

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape - ABB Group, Siemens AG, Schneider Electric, Honeywell International Inc., Rockwell Automation, and others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Operational Technology Market Report Segment

• By Component

o Human-Machine Interface

• Industrial Valves
• Transmitters
• Industrial Sensors
• Actuators

o Control Systems

• SCADA
• PAM
• MES
• WMS
• DCS
• Other 

• By Networking Technology

• Wired
• Wireless

• By Industry

o Process Industry

• Oil and Gas
• Food and Beverages
• Pharmaceuticals
• Chemical 
• Metal and Mining
• Other

o Discrete Industry

• Automotive
• Aerospace and Defense
• Semiconductor and Electronics
• Medical Device
• Other

Global Operational Technology Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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